Lion Électrique recorded another negative result in the first quarter, while its net loss was around US$22 million.
The Quebec manufacturer of medium-heavy and heavy-duty electric urban vehicles reported a net loss of US$21.7 million, or 10 US cents per share, for its quarter ended March 31, compared to a loss of $15.6 million. US, or 7 US cents per share, for the same period last year.
Lion has posted a loss in every quarter since the third quarter of its 2022 fiscal year.
The Saint-Jérôme company delivered 196 vehicles, including 184 school buses and 12 trucks, in the first quarter, which represents a decrease of 24 vehicles compared to the 220 delivered during the same period in 2023.
Its revenues stood at US$55.5 million, representing a slight increase of US$800,000 year over year.
According to the company, this increase in revenue is mainly attributable to the increase in the number of vehicles sold in the United States. It sold 31 in the first quarter, up from five last year.
The number of vehicles sold in Canada, however, fell from 215 in the first quarter of 2023 to 165 for the same period in 2024.
In a statement, Lion CEO and founder Marc Bédard acknowledged that the first quarter was “difficult” and “characterized by turbulence in the electric vehicle sector.”
In April, the company announced that it would cut 120 jobs as part of a restructuring aimed at “further rationalizing its operating expenses”.
“Although difficult, this decision was essential to strengthen our liquidity in the face of market volatility and ensure sustainability without compromising production capacity,” Mr. Bédard underlined on Wednesday.
“As we begin deliveries of the LionD and Lion5, our focus for the remainder of the fiscal year is on increasing orders and accelerating deliveries, key steps to achieving profitability,” he added. .
The Lion5 is a 100% electric truck delivered with a medium-duty vehicle battery pack, while the LionD is a school bus that offers a range of up to 250 km.
Lion’s order book now includes 2,004 vehicles, with a total value of US$475 million according to company estimates.